Retail trade turnover value and volume up in September

Retail trade turnover value and volume were up in September this year on an annual basis data released by CySTAT.

In particular, the Turnover Value Index of Retail Trade for September 2023 increased by 8.6% compared to the corresponding month of the previous year. For the same month, the Turnover Volume Index of Retail Trade increased by 4.2% compared to the corresponding month of the previous year.

According to CySTAT, the purpose of the Turnover Index of Retail Trade, except for Motor Vehicles, is to monitor short-term developments in Retail Trade, with turnover including the total amounts invoiced by an enterprise during the reference period and this corresponds to the market sales of goods and services, excluding VAT but including other duties and taxes on the goods, and covering all enterprises with 10 or more employees and a sample of smaller businesses.

For the compilation of the total index, a weighted average of the Turnover Ιndices of the various classes (subsets of activities) of Retail Trade is calculated, with weights used being derived from the results of the annual Wholesale and Retail Trade Survey in the base year (2015), reflecting the share of turnover of each class in relation to the total turnover of the retail trade sector.

According to the available data, the largest increase in the turnover value index was recorded in the retail sale of food, drinks, and tobacco (in specialised stores) with an increase of 16.3% compared to September 2022, while in contrast, the largest decrease was recorded in the retail sale of automotive fuel in specialised stores with a decline of 2.3% compared to September last year.

In terms of the turnover volume index, the largest increase was recorded by the textiles, clothing and footwear sector with a 7.9% increase compared to the same month last year, while the largest decrease was again recorded in the retail sale of automotive fuel in specialised stores with a 1% decrease compared to September last year.

(Source: CNA)